Transformation of the U.S. Jobs Market

. . .the underemployment rate [among recent college graduates] rose somewhat sharply after both the 2001 and 2007–09 recessions, and in each case, only partially retreated, resulting in an increase to roughly 44 percent by 2012.

—Jaison R. Abel, Richard Deitz, and Yaqin SuFederal Reserve Bank of New York

Key Points

Higher levels of education directly correlate with higher employment rates and salaries.

Employers increasingly require that new employees contribute immediately to the company, but are skeptical of whether many college graduates can do so.

Underemployment is rampant, with an estimated 44 percent of recent graduates not getting jobs that require college degrees.

Majors matter: ...

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